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his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >> it was on the table. did the president agree to it? it may have been close to an agreement to it. if he agreed to it we might not have some problem today. >> is that on the table now. of course, it's on the table. >> no, is it on the table from their point of view. >> well, there are a lot of items on the table. the president knows what they are. the question is what are they willing to do. >> you are starting it have some political problems because you are starting to have some split necessary your ranks. i don't have to tell you one of the top
his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >>...
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based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt talks in august of 2011? >> it was on the table. did the president agree to it... he may have been close to an agreement to it. if he agreed to it, we might not have this problem today. >> chris: is that on the table now. >> of course it is. >> chris: no, from their point of view? >> listen, there are a lot of items on the table. the president knows what they are. the question is, what are they willing to do. >> chris: you are starting to have political problems, because you are starting to have splits in your ranks, i don't have to tell you you one of the top congressional republ
based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt...
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a serious down payment of the deficit. the wall street people who are wringing their hands about this are really full of it. because what they're going to see is a big drop on wall street while the hype comes and then it's going to come roaring back because finally somebody has done something serious about the deficit. so i think the fiscal curb as you call it is actually the best deal that progressive democrats are going to get and i think it's the best deal in the long run, not the short run. but the long run to the american people. >> i think if we did go off, as i kind of expect we will, that congress, though, will not accept your view of look at the long-term benefits of most of this package. yes, there's some things we don't like in it, but most of the package is beneficial. and they will take some kind of action. they would immediately go into action and try to do something about the top -- about the other tax brackets below the top, and then that's when the discussion on spending cuts would really get engaged. >> i
a serious down payment of the deficit. the wall street people who are wringing their hands about this are really full of it. because what they're going to see is a big drop on wall street while the hype comes and then it's going to come roaring back because finally somebody has done something serious about the deficit. so i think the fiscal curb as you call it is actually the best deal that progressive democrats are going to get and i think it's the best deal in the long run, not the short run....
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said, did not contribute to the deficit. it is supported by the payroll taxes. that workers and their employers pay. >> you have seen, surveys that show the direct we're going, we -- the direction we're going we have moved its trouble date up, compared to other programs, that is prestine, my only point is why not put it out there, why not put out medicare, and medicaid and everything, and for republican defense, everything, and rather than pick and choose. >> whether defense, medicare, medicaid, those are out of general revenues, they are in a defendant category. social security, does nida, just need adjustments, it should not be part of solves will deficit. neil: i think what is intrinsic. is what you are not saying. that we're missing an opportunity to address the overall rate of money coming in and money going out. if you want to leave social security alone, and just look at all of other entitlements and big spending and hear, they say focus it has to be on taxes, i'm not here is a they don't raise taxes on the rich. the
said, did not contribute to the deficit. it is supported by the payroll taxes. that workers and their employers pay. >> you have seen, surveys that show the direct we're going, we -- the direction we're going we have moved its trouble date up, compared to other programs, that is prestine, my only point is why not put it out there, why not put out medicare, and medicaid and everything, and for republican defense, everything, and rather than pick and choose. >> whether defense,...
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brings our long-term deficits down. tough spending savings is part of that, and invest in things that matter to the american economy, like infrastructure, and getting americans back to work. we think we can do that. we have a good chance, and it's very important. and i think we'll get there, david. >> do you think we'll get a deal by the end of the year? >> i do. because the only thing standing in the way of that is a refusal by republicans to accept that rates have to go up on the wealthiest americans. and i don't really see them doing that. >> the idea that they have signalled something significant for them, which is -- >> what is that? >> putting revenue on the table. >> it's welcome that they are recognizing that revenues are going to have to go up. but they haven't told us anything about how far rates should go up, how far revenues should go up, who should pay higher taxes. >> republicans have said that no republicans will vote for a tax rate increase. do you think they are just bluffing? >> i can't tell you what t
brings our long-term deficits down. tough spending savings is part of that, and invest in things that matter to the american economy, like infrastructure, and getting americans back to work. we think we can do that. we have a good chance, and it's very important. and i think we'll get there, david. >> do you think we'll get a deal by the end of the year? >> i do. because the only thing standing in the way of that is a refusal by republicans to accept that rates have to go up on the...
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are we trying to get our arms around the debt and deficits? are we trying to create jobs? what's the goal of this whole charade? >> both. i wouldn't call it a charade. in the near-term, we're trying to keep this recovery going. that's why the payroll tax holiday extension is so needed and the small amount of new investments and unemployment insurance in the president's offer. that has to be balanced, of course, in the long-term with real spending cuts. >> and where are those? >> he's got another $400 billion, plus the interest savings. it's a balanced approach. if you add it up, it stabilizes the debt over the next decade. if we did that, that would be a tremendous step forward. >> where would those $400 billion in spending cuts come from? >> they come from public health care programs, but not through cuts to beneficiaries. they're real cuts. i have to say, at this point the president is the only one who's actually put spending cuts on the table. where's the republican offer? >> he's not put his medicaid cuts on the table. he put a number on the table. what i think one of
are we trying to get our arms around the debt and deficits? are we trying to create jobs? what's the goal of this whole charade? >> both. i wouldn't call it a charade. in the near-term, we're trying to keep this recovery going. that's why the payroll tax holiday extension is so needed and the small amount of new investments and unemployment insurance in the president's offer. that has to be balanced, of course, in the long-term with real spending cuts. >> and where are those?...
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even a fraction of a tax on those transactions tom you would have more than enough to wipe out this deficit and it's not unheard of look in the u.k. they've been doing this for three hundred years so what we're doing is we're missing who's responsible everybody has is looking in the wrong direction we're focusing on medicare we're focused on social security why does it have somebody have the courage to say look why the hell are we here to begin with we're here because we're we're because of a greed frenzy that took place on wall street they're responsible let's let them help us pay it back tim geithner is opposed that larry summers is opposed that even when obama said you know maybe we should consider this his advisor said no that would be a bad idea but it is a way to solve this problem without having any problem to the average american and to the point in a brilliant point it is by the way the american way to solve this problem we had abraham lincoln put a securities tax in place. the civil war. mckinley put in place for the spanish-american war and it stood in place until the one nine hu
even a fraction of a tax on those transactions tom you would have more than enough to wipe out this deficit and it's not unheard of look in the u.k. they've been doing this for three hundred years so what we're doing is we're missing who's responsible everybody has is looking in the wrong direction we're focusing on medicare we're focused on social security why does it have somebody have the courage to say look why the hell are we here to begin with we're here because we're we're because of a...
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it will fix the problem and the deficit problem as long as everything in the fiscal cliff happens. as long as sequestration happens it will hurt defense. tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and then when the economy nose dives he will have to own it. republicans are going to get blamed anyway. do you feel strong about either one of those? >> dana: not necessarily. i do think i see in "washington post," headline, obama offers plan for cliff. plan to be in quotes. the thing that amazes me and the media lets it happen. for eight years or longer now. i had to defend how many times people said on the left, including president obama when he was
it will fix the problem and the deficit problem as long as everything in the fiscal cliff happens. as long as sequestration happens it will hurt defense. tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans...
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we are in a deficit situation, as people have been discussing the past several weeks so there are potential in congress for the house and senate members. >> eric: billions of dollars. of taxpayers money that goes to the u.n. ambassador bolton, thank you for your insight. >> guest: thank you, eric. >> jamie: a fox news extreme weather alert. flood in effect for the west coast. yet another storm is approaching. folks are preparing for worst. severe weather threatening to bring more rain to an area that is already been drenched. chief meteorologist rick reichmuth live from the fox news extreme weather center. if you know rick is hanging out, it must be serious. how bad? >> really bad. this is the second batch of storms they have had this month. earlier in month, a lot of areas saw ten plus inchs of rain. now we have had another series of storms last week where we have seen ten plus inches of rain. the ground is saturated. this storm is windy. windy conditions across colorado, spreading across the intermountain west. the ground is saturated, if you take that wind and we will see more trees goin
we are in a deficit situation, as people have been discussing the past several weeks so there are potential in congress for the house and senate members. >> eric: billions of dollars. of taxpayers money that goes to the u.n. ambassador bolton, thank you for your insight. >> guest: thank you, eric. >> jamie: a fox news extreme weather alert. flood in effect for the west coast. yet another storm is approaching. folks are preparing for worst. severe weather threatening to bring...
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it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include those? >> yes. i think that, and i know that democrats accept that this has to be it, a balanced package, that includes revenues and cuts and spending cuts. >> months ago, the budget carney held up was voted down by the entire senate. 99-0. meaning no democratic support. earlier, dick durbin insisted spending cuts from entitlement reform will not be part of the talks while pelosi spell noncommittal whether the cuts will be in the deal. still, the administration is trying to breathe life to the talks, with vice president biden shopping at new costco in washington, picking up a big screen tv and apple pie and insisting he is o
it would give us more time than next year to work together on a comprehensive plan to bring down the deficits. >> white house spokesman jay carney broke new ground declaring today the president does want spending cuts, listed in his budget plan to be included in the fiscal cliff talks. >> hold up the budget and say democrats on capitol hill vote for including the spending cuts in this deal to avoid the fiscal cliff. that is not what they are doing now. should they include those?...
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stuart: you're saying, oh, he left a deficit. it was congressional spending that led it a deficit. let's get back to the original argument. if you now, right now, lowered tax rates you would increase revenue to the treasury. >> you and i disagree on that. you and i disagree on that and i know my history and-- >> you think that by imposing higher tax rates, massive tax increase. >> no, no, not on everyone, not on everyone. stuart: tell me how you're going to get growth when you raise taxes by a trillion 6. go. >> are you talking about deficit reduction or growth. if you're talking about growth. stuart: growth in the economy. >> of course it's a combination of things and it's a matter of-- i believe na a bigger stimulus, for example. stuart: do you believe if we put this plan, the president's plan into practice now. >> i don't think the president's plan will be put into practice. stuart: do you think that we'd get 4 or 5% growth? >> i don't think it's a realistic plan, i said it from day one. stuart: and if we raise taxes, that's the heart of this thing, if we raise taxes do you thin
stuart: you're saying, oh, he left a deficit. it was congressional spending that led it a deficit. let's get back to the original argument. if you now, right now, lowered tax rates you would increase revenue to the treasury. >> you and i disagree on that. you and i disagree on that and i know my history and-- >> you think that by imposing higher tax rates, massive tax increase. >> no, no, not on everyone, not on everyone. stuart: tell me how you're going to get growth when you...
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warren rudman went on to found the coalition that pushed for reducing the deficit. senator rudman died this month at the age of 82. >>> and former president george h.w. bush in a hospital treated for bronchitis, he is listed in stable condition and expected to be released within 72 hours. his doctors described him as pretty much as normal, happy, joking with the staff and getting better. >>> up next as nightly news continues. the guessing game over who won that giant powerball, and what some people have noticed about the winning numbers and the pattern they follow. >>> and later, the random act of kindness caught on camera that is getting a lot of attention for all the right reasons. t powerball, you may be curious about who did, there are two big winning tickets and the second largest jackpot in american history, in missouri and arizona, more from dearborn, missouri, where one of the tickets was sold. kerry, also very curious about this secret code imbedded in one of the winning numbers >> reporter: very interesting, one ticket was sold here at this gas station,he
warren rudman went on to found the coalition that pushed for reducing the deficit. senator rudman died this month at the age of 82. >>> and former president george h.w. bush in a hospital treated for bronchitis, he is listed in stable condition and expected to be released within 72 hours. his doctors described him as pretty much as normal, happy, joking with the staff and getting better. >>> up next as nightly news continues. the guessing game over who won that giant...
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trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is preeminently where a president has to lead and be specific. you can't expect the republicans to lead on an area that he's dominated in politically. >> here's an entitlement idea, a way to help support medicare, let them dictate price -- drug prices. >> steve, this, to me, is a much more interesting debate than tom and dan. because i think the president has done exactly what he's done in the past in this negotiating. he's not grinding it out with speaker boehner. he's out giving speeches, rallying his base. meeting with groups like moveon.org.
trillion a year deficit. you're not going to solve all that with tax increases and cutting discretionary programs. we have to fix the intitlement programs. we can talk about how we do it. >> you have to be specific, steve. because when you talk about fixing the entitlement programs, we're clear, social security is off the table. what do you mean? >> what secretary geithner said is on a separate process. >> we're talking about between now and 30 days from now. >> this is...
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david, how much of the deficit, if we let the bush tax cuts sunset, how much of the deficit goes away? >> well, a significant percentage. >> like three quarters of it. >> it's not a good thing to do. it's going to push us back. >> when is it a good time? >> we need a down payment of both revenue and spending reductions, but we need to achieve four to five trillion over ten years through a grand bargain and we have to make sure that we're going to achieve a lot more than that beyond the ten years because we have 10,000 people a day retiring. health care costs are still out of control and we have to look long-term. that's why we say debt to gdp. >> somebody just sent in a really good question. that is with the president's health care plans, with obama care, does that change the debt to gdp in terms of taxes going up? >> it makes it worse. >> it's already going up. >> the affordable care act expanded cover an to 36 million people. it did not do enough to control costs. there are positive aspects of it, but according to the chief actuary of medicare, it's estimated to cost $12 trillion mo
david, how much of the deficit, if we let the bush tax cuts sunset, how much of the deficit goes away? >> well, a significant percentage. >> like three quarters of it. >> it's not a good thing to do. it's going to push us back. >> when is it a good time? >> we need a down payment of both revenue and spending reductions, but we need to achieve four to five trillion over ten years through a grand bargain and we have to make sure that we're going to achieve a lot more...
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shy add, chris, that another really important part of this conversation in addition to long term deficit reduction is making sure that we get sustained economic recovery. we saw some good numbers today, but we want to make sure that we sustain that recovery. and extending middle class text cuts is part of it, but so is investing in our infrastructure, so are other elements of the president's jobs plan that should be part of this overall agreement. >> we have seen several liberal democrats to say that it is better to go off that cliff than to get a bad deal. and i'm wondering if you agree because it seems like the ceos who came out of the meeting with the president yesterday were most worried or at least seriously worried about the effect of not getting a deal on time and the effect that will have on the economy. >> we absolutely want to avoid going over the fiscal cliff because it would be a big drag on the economy. >> but are you willing to do that? >> what we're willing to do is come up with a package that both accelerates economic recovery, but also begins to reduce the long term defi
shy add, chris, that another really important part of this conversation in addition to long term deficit reduction is making sure that we get sustained economic recovery. we saw some good numbers today, but we want to make sure that we sustain that recovery. and extending middle class text cuts is part of it, but so is investing in our infrastructure, so are other elements of the president's jobs plan that should be part of this overall agreement. >> we have seen several liberal democrats...
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we cannot raise taxes enough to take care of $1 trillion worth of deficit spending every single year. so let's get off of this and get on to the other side and start talking about what we have to do to cut our spending, to reform those entitlement programs that are the debt drivers and then do pro-growth tax reform that will stimulate the economy, get the money coming in. it's the best way to get money coming in and that gives everybody a job and helps to take care of the fiscal problem and balanced is what we need. >> congresswoman diane black, thank you for joining me this morning. i appreciate your time. >> thank you. >> i want to bring in our political power panel. political reporter, karen tumult, karen finney and robert trainam. karen, since i know you the best, i'm going to call you k-fin as not to confuse everyone. it seems the taxes are going to go up on the wealthy. the question is whether or not it's through the tax increases or closing the loopholes and the deductions. so do you think that we are closer to a deal today than yesterday if. >> i do. in that now they're puttin
we cannot raise taxes enough to take care of $1 trillion worth of deficit spending every single year. so let's get off of this and get on to the other side and start talking about what we have to do to cut our spending, to reform those entitlement programs that are the debt drivers and then do pro-growth tax reform that will stimulate the economy, get the money coming in. it's the best way to get money coming in and that gives everybody a job and helps to take care of the fiscal problem and...
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social security is not a part of our deficit problem. so the only other two entitlements we got is how to detake care of the poor, and if we don't take care of the poor, it means additional expenses. >> would you be in favor of means testing medicare and social security? in other words, taking those wealthy americans who don't need those benefits and take them off those roles as a savings? >> there's no question that removing the cap for higher people that are in the higher income is one of the sources of income that i could support. no question about that. >> let me ask you this, congress pan. would you prefer top just deal with the revenue and forget about cutting at all at this point because of the slow economy? is that where you're headed here? >> no, no, no. >> so you do want to cut then? you do want to cut spending? >> we're going to have to do it. first of all, we have to find out what our target is going to be. if the target is going to be a mixture of cutting and a mixture of raising revenue, then we have to say we're not going
social security is not a part of our deficit problem. so the only other two entitlements we got is how to detake care of the poor, and if we don't take care of the poor, it means additional expenses. >> would you be in favor of means testing medicare and social security? in other words, taking those wealthy americans who don't need those benefits and take them off those roles as a savings? >> there's no question that removing the cap for higher people that are in the higher income...
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i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud you. >> where is john edwards? >> john edwards. >> getting a haircut. >> if there was an oil painting of john edwards -- the haircut's not the first thing they'd mention. nbc's -- >> john edwards has an oil painting of himself in his house, i bet money on that. >> she didn't say oily. >> the seasonally elegant luke russert, thank you for joining us. and cnbc's john harwood, thank you. >>> fast-food works are joining thousands of low-wage earners in a day of solidarity. our super sized income problem in america ahead on "now." >>> time for the "your business" entrepreneur of the week. lauren wanted t
i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud...
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that will have the worst impact on the deficit that anything will. we got to make sure that the economy continuebes to grow. that is the problem here. i know democrats have this blood lust to raise taxes on supposedly rich people, which are really small business people. but it is not going to do anything to grow the economy. here is what president obama needs. he has to make sure the economy grows. he will be a two-term jimmy carter if the economy goes back in recession and we can't pull ourselves out of this thing. >> eric: i heard you laugh, martin on the "two-term jimmy carter" line. >> he doesn't want to be a two-term george w. bush that took us in a steep recession. >> hey, you are the one with the bush tax cut. >> this can be worked out. everybody knows that. you can raise rates a point or two, that is not going to be end of the world. republicans understand that. let's get through with the fear we have had a couple of weeks of theater and let's get down to serious negotiations. i don't think the republicans want to fight to the death to protec
that will have the worst impact on the deficit that anything will. we got to make sure that the economy continuebes to grow. that is the problem here. i know democrats have this blood lust to raise taxes on supposedly rich people, which are really small business people. but it is not going to do anything to grow the economy. here is what president obama needs. he has to make sure the economy grows. he will be a two-term jimmy carter if the economy goes back in recession and we can't pull...
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. >> the bipartisan bowl deficit plan had savings worth pursuing. >> they identified $1.1 trillion tax expenditures, benefits, deductions, credits and the like that could be cut as part of a grand bargain. i think we ought to look at that flat ten the code simplify it. >> harry reid told reporters yesterday he would like to get credit for what congress has previously cut. >> we have already done more than a billion dollars worth of cuts. >> the top democrat in the house took a similar approach. >> it is important to know that we have already agreed to over a trillion and a half dollars in cuts at both budget control and others in this session of congress. so now we are looking to see if we can do that. >> though asked what she would be willing to slash as part of this deal rank and file house members say they realize more must be done now. >> we get a senfolks making a mn dollars a year maybe they aren't able to access medicare. they have the means to buy their own healthcare. >> i know we can't afford to spend 690 billion on our defense but there are smart ways and dumb ways to cut de
. >> the bipartisan bowl deficit plan had savings worth pursuing. >> they identified $1.1 trillion tax expenditures, benefits, deductions, credits and the like that could be cut as part of a grand bargain. i think we ought to look at that flat ten the code simplify it. >> harry reid told reporters yesterday he would like to get credit for what congress has previously cut. >> we have already done more than a billion dollars worth of cuts. >> the top democrat in the...
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raised on those upper income americans, even though only 19% think it will have much of an impact on deficits. it's not about the fiscal crisis. it's about fairness in the minds of most americans. president obama understands that and republicans don't. >> is that because in your polling day, i always thought that people favored spending reduction and favored smaller government. this may be a mistake that the gop has not emphasized spending cuts. >> they certainly do. most people -- two out of three people want to see a deal that includes both tax hikes and spending cuts. they want to see more spending cuts, but they don't expect spending cuts to come out of this no matter what happens. in fact, the one thing that most people in the middle class believe is that regardless of whether we go over the fiscal cliff or whether a deal is reached to avert that, middle class taxes are going up, and so is spending. so there's a lot of cynicism in this process. >> real quick -- >> that's why the president has the edge. >> bottom line, the republicans are poised to take a fall? is that what your numbers s
raised on those upper income americans, even though only 19% think it will have much of an impact on deficits. it's not about the fiscal crisis. it's about fairness in the minds of most americans. president obama understands that and republicans don't. >> is that because in your polling day, i always thought that people favored spending reduction and favored smaller government. this may be a mistake that the gop has not emphasized spending cuts. >> they certainly do. most people --...
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they're raising state and local taxes to solve their deficit problems. something to keep in mind when we talk about these detention caps. you could be pushed up against a deduction if you live in new york. if you live in new york and have high state and local taxes, if congress moves forward with a deduction cap, you could go right up to that cap. host: 24% of those were claiming the earned income tax credits. 13% climb in the child tax credit. these credits, you can use them simultaneously. guest: some of these are refundable which means you get money back even if your tax bill is zero. whenever the refundable not is -- whenever the refundable amount is, you get to take home. host: we will go to ray in atlanta, georgia. caller: how much will an individual or can an individual receives who has two children in a single-parent household? what is the maximum amount of money they receive back in the form of tax credits? once you look at that and if there at that dollar level, we're finding their children for free and reduced lunch and i assume adding some ad
they're raising state and local taxes to solve their deficit problems. something to keep in mind when we talk about these detention caps. you could be pushed up against a deduction if you live in new york. if you live in new york and have high state and local taxes, if congress moves forward with a deduction cap, you could go right up to that cap. host: 24% of those were claiming the earned income tax credits. 13% climb in the child tax credit. these credits, you can use them simultaneously....
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you also think at the end of the day doesn't matter about the deficit. we are focused on the wrong issue and you are telling long-term investors stay in, don't tinker. >> stay the course. stocks are still cheap, very dumb policy makers at the end of the day. this is not sandy number 2. we can fix it. the stock market is not just the united states. take a company like coca-cola, 80% of sales outside this country and finally even if we were to go off of the cliff there are long-term benefits and a lower deficit so at the end of the david as a long-term rise in, properly diversified state of course. cheryl: japanese stocks and aig, a stock that has run up 39% over the last year despite government issues and government involvement you're sticking with a ig. want to recommend that going into a cliff discussion. >> there is nothing about sandy and recent events that would cause anyone not to renew their property and cash will policy. no matter what happens to the economy people will pay that insurance, it is the dominant provider trading 40% off of book value.
you also think at the end of the day doesn't matter about the deficit. we are focused on the wrong issue and you are telling long-term investors stay in, don't tinker. >> stay the course. stocks are still cheap, very dumb policy makers at the end of the day. this is not sandy number 2. we can fix it. the stock market is not just the united states. take a company like coca-cola, 80% of sales outside this country and finally even if we were to go off of the cliff there are long-term...
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on this morning, whom i have great respect for, he had the piece from the imf study when you cut the deficit by 1%, what is the impact on the gdp. they didn't get into that this morning but if his numbers he's using 0.9 to 1.4, if you lose 2% to 3% of gdp you'll go to negative growth which will impact -- >> at the very least the wheels will be on the runway. >> absolutely. >> let's switch gears, mario draghi today, listen, i was so wrong and i don't know how long it will last but i give him credit, at least for this period of time, how long it lasts because there is no growth and recession in europe i can't answer but what were your observations on that press conference? >> last night when i wrote about it, mario draghi can put his feet up and have a stella and enjoy. he bought himself time. july 6th will be mario draghi's day of celebration because he stemmed the financial crisis in europe and bought time. berlusconi comes onto the scene this morning with the politics and italian debt markets paid a price for it, it's coming back as we're talking, rallied back quite a bit in the ten-year bo
on this morning, whom i have great respect for, he had the piece from the imf study when you cut the deficit by 1%, what is the impact on the gdp. they didn't get into that this morning but if his numbers he's using 0.9 to 1.4, if you lose 2% to 3% of gdp you'll go to negative growth which will impact -- >> at the very least the wheels will be on the runway. >> absolutely. >> let's switch gears, mario draghi today, listen, i was so wrong and i don't know how long it will last...
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when that happens it makes debt and deficits a lot smaller by comparison because you get more government revenue. you're right, it is absolutely a core principle of republicans we don't want taxes to go up to get more government. if we have tax reform effort that will lower the tax base, get more revenue and fuel economic growth that is something republicans will embrace. there could be revenue generated by closure of loopholes and deductions. we can't accomplish anything by raising tax that is good good for the economy and we're very concerned about the economy. martha: it will be interesting to see what timothy geithner brings to these discussions today. we'll be reporting on it and you will be there on the hill. thank you very much. >> we'll look forward to it. thanks, martha. martha: all right. bill: there is a controversial vote set to take place today at the united nations and the u.s. is expected to vote against it. eric shawn's live at the u.n. eric, good morning to you, what is the vote about first of all and what's expected to happen? >> reporter: good morning, bill. the vote o
when that happens it makes debt and deficits a lot smaller by comparison because you get more government revenue. you're right, it is absolutely a core principle of republicans we don't want taxes to go up to get more government. if we have tax reform effort that will lower the tax base, get more revenue and fuel economic growth that is something republicans will embrace. there could be revenue generated by closure of loopholes and deductions. we can't accomplish anything by raising tax that is...
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the fact is that social security doesn't add one penny to the deficit or the debt. let's get the facts straight on this. we've been looking at these entitlements, scrutinizing them. we've had bipartisan changes to social security to make it sustainable. we can do that again. don't blame social security and medicare for our problems. i would say a major part of the problem is health care expenses, and i think the affordable health care bill attacked that issue particularly. if we don't lower health care costs, we are not going to get the budget in balance regardless of what we do. >> we have below you daishg you can't see it. a new poll was taken. a majority didn't want to see cuts in medicaid and didn't want the eligibility age increase for medicare. >> you're absolutely right. you put more burden on the states. right now the states are struggling to keep their head above water as it is. if you put that burden on the states, then they are going to move accordingly to the towns and their taxpayers in that particular state. in my state of new jersey, we pay an exorbit
the fact is that social security doesn't add one penny to the deficit or the debt. let's get the facts straight on this. we've been looking at these entitlements, scrutinizing them. we've had bipartisan changes to social security to make it sustainable. we can do that again. don't blame social security and medicare for our problems. i would say a major part of the problem is health care expenses, and i think the affordable health care bill attacked that issue particularly. if we don't lower...
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congress could slash your 401(k) savings to address the deficit. that means those 61 million hardworking americans with workplace retirement plans might not have comfortable, secure retireme retirements, after all. >> okay, that's scary. joining me, personal finance expert carmen wong ulrich. good to see you. >> good to see you. >> you look at that, and you think the sky is falling. would they really touch your 401(k), your i.r.a.? >> it sounds terrifying but i doubt this will happen. even though the top 20% of americans tend to utilize 80% of retirement savings, but the 401(k) is the middle-income way to save for retirement. and here's where they could hit you. for example, this is pre-tax money that you're saving, right? they could hit you there. this is money that you can actually grow tax free. they could hit you with that. but here's where it will hit retirees when it comes to raising taxes on income levels. in retirement when you may money out of your 401(k), it's taxed as income. i.r.a., this is where folks save outside post-tax money into r
congress could slash your 401(k) savings to address the deficit. that means those 61 million hardworking americans with workplace retirement plans might not have comfortable, secure retireme retirements, after all. >> okay, that's scary. joining me, personal finance expert carmen wong ulrich. good to see you. >> good to see you. >> you look at that, and you think the sky is falling. would they really touch your 401(k), your i.r.a.? >> it sounds terrifying but i doubt...
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rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there is no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. listen, going off the fiscal cliff will hurt our economy and will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester, and pave way for -- pave the way for tax reform and entitlement reform. and we're the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reforms, it's going to be impossible to address our country's debt crisis. and get our economy going again and to create jobs. so right now, all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. it's time for the president, congressional democrats, to tell the american people what spending cuts they're really willing to m
rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there is no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. listen, going off the fiscal cliff will hurt our economy and will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester, and pave way...
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this is an administration that has 1 trillion plus deficits for each four years. >> one part of that that republicans have talked about, that 2%, and whether you're going to protect tax break force them. steve latourette said some people who call me, they're more worried about the fiscal cliff than about rates going up a couple of points. thomas rooney in your party, if there is truly entitlement reforms that's going to preserve social security and medicare for generations to come, it's going to be very difficult for me to oppose higher rates for the rich. what about that? >> and to mr. rooney's point, if in fact there were fundamental, significant reform of medicare, medicaid and social security so that we in fact save and strengthen and secure those programs, just like we did in our budget,those were included in the president's proposal, then that's something that we would talk about and very seriously consider because there's where we got to get. we got to get real solutions. the problem with the president's proposal is it's not a real solution, it's all politics. >> congressman t
this is an administration that has 1 trillion plus deficits for each four years. >> one part of that that republicans have talked about, that 2%, and whether you're going to protect tax break force them. steve latourette said some people who call me, they're more worried about the fiscal cliff than about rates going up a couple of points. thomas rooney in your party, if there is truly entitlement reforms that's going to preserve social security and medicare for generations to come, it's...
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it's not responsible for the deficit and debts. neither is social security. you're right, medicare and social security have long-term fiscal challenges. they need to be dealt with. i don't agree with connect connecting those to the deficit and debt program not created by those programs. >> i want to switch gears. as a senior member of the house intelligence committee i want to talk about benghazi. let me quote. part of what you said, there should be a laser-like focus on going after those responsible. but in the blur of partisan wrangling over talking points we seem to have lost sight of the vital objective. some on capitol hill and elsewhere seem determined to go after another bright diplomat ambassador susan rice. i want to talk about finding those responsible. the fbi seasonisn't saying much. from what i know we have heard zero about arrests. what can you tell us about these perpetrators? >> well, i can tell you that we still have a lot of work to do. the intelligence community is pursuing all of the leads. there is nothing that i want more. this is true i
it's not responsible for the deficit and debts. neither is social security. you're right, medicare and social security have long-term fiscal challenges. they need to be dealt with. i don't agree with connect connecting those to the deficit and debt program not created by those programs. >> i want to switch gears. as a senior member of the house intelligence committee i want to talk about benghazi. let me quote. part of what you said, there should be a laser-like focus on going after those...
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rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there has been no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. going off the fiscal cliff will hurt our economy, it will cost american jobs. republicans have taken action to overt the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester. and pave way for -- pave the way for tax reform and entitlement reform. and we're the only ones with a balanced plan to protect the economy, protect american jobs and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reform, it will be impossible to address the debt crisis and get our economy going again and create jobs. so right now all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. time for the president, congressional democrats to tell the american people what spending cuts they're really willing to make. with that i'll take a few
rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there has been no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. going off the fiscal cliff will hurt our economy, it will cost american jobs. republicans have taken action to overt the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester. and pave way...
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mystery when 60% at least of the american people think that's an appropriate way to help balance the deficit. >> now, speaker boehner keeps telling us that he's put revenues on the table in form of closing loopholes, but democrats have not offered anything in terms of those earned entitlements. now, i know you said earlier that these are not connected issues, but are you and your colleagues willing to give any ground in terms of cuts, say, to medicare, medicaid, or social security or something? >> you know, this is somewhat laughable because, again, the republicans spent the entire campaign talking about how democrats slashed $716 billion from medicare and governor romney said i'm not going to take that money out of medicare. now they're demanding we take money out of the medicare. this is another example where their message keeps changing. it's not consistent and they're just relying on the same amnesia of the american people to let them get away with it. >> very briefly, sir. do we think there will be a deal or will we hit the cliff and go over it 1234. >> i'm getting more and more pessimi
mystery when 60% at least of the american people think that's an appropriate way to help balance the deficit. >> now, speaker boehner keeps telling us that he's put revenues on the table in form of closing loopholes, but democrats have not offered anything in terms of those earned entitlements. now, i know you said earlier that these are not connected issues, but are you and your colleagues willing to give any ground in terms of cuts, say, to medicare, medicaid, or social security or...
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. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, dependi
. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only...
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. >> and that is increasing and guess what, that adds up to the deficit, right? >> david, the problem is deeper than what you are describing. this goes back decades. when you look at entitlement spending over the last half century, it has steadily crept up four percent every year and that includes adjustments for population growth. so what then? you increase taxes four percent every year? that is absurd. at some point we need both parties to come together and tax this entitlement creep. we mention obama ape lot. he hasn't helped the numbers. but when you look at enment spending it goes up under a republican president. he can go in this and blame the republicans. >> i didn't know there was a entitlement creep. maybe i got you wrong. >> it is it an itch. >> and john, what about this. we have a budget if you can call it a budget that includes tax increases and no cuts at all from our treasury security. >> the tax increase aspect is ridickulous. we have a spending problem . you look at entitlements. i think it is i i don't they should exist. we did make promises and
. >> and that is increasing and guess what, that adds up to the deficit, right? >> david, the problem is deeper than what you are describing. this goes back decades. when you look at entitlement spending over the last half century, it has steadily crept up four percent every year and that includes adjustments for population growth. so what then? you increase taxes four percent every year? that is absurd. at some point we need both parties to come together and tax this entitlement...
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howard's become a deficit hawk. i think howard and i would disagree probably on some of the elements of what constitutes -- >> no, but he's saying it's not a disaster if it happens. >> well, i was going to get to that point. the fiscal cliff itself, howard is right, it's a slope. on day one the economy does not collapse and go into recession. but i worry a lot about the markets. the market reaction to going over the cliff, particularly if we go over the cliff in disarray where there's really no plan. everything's broken down. nobody knows where anybody is. i think that could be pretty ugly in the markets. having said that, my own view is, that going over the fiscal cliff is only the second worst thing that can happen. the worst thing that can happen would be for congress to simply kick the can down the road on everything. >> that's exactly right. >> extend all the taxes, extend all the spending, let life go merrily on the way it is. we cannot let that happen. it is time to address the deficit. and if going over the
howard's become a deficit hawk. i think howard and i would disagree probably on some of the elements of what constitutes -- >> no, but he's saying it's not a disaster if it happens. >> well, i was going to get to that point. the fiscal cliff itself, howard is right, it's a slope. on day one the economy does not collapse and go into recession. but i worry a lot about the markets. the market reaction to going over the cliff, particularly if we go over the cliff in disarray where...
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rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. >> the president has put forward in september of 2011 with his proposal to the so-called super committee and his budget of february of 2011 very specific spending cuts, including savings from health care entitlement programs. >> so one of the issues is, when you talk specifics and they become part of the public conversation, it's very easy for those things to get derailed in the time available where all the sides sort of clamber and attack some of the specifics. both parties have an interest in keeping some of this close to the vest. what we're hearing from senate democrats today is they believe that the election suggests that the public really wants those higher rates for the higher earners in terms of taxes. senator reid and other democrats don't want to talk about specific cuts or entitlement reforms publicly. everyone saying they don't want to negotiate from the podium. but everyone is aware it's the end of november. there isn't a lot of time left. and how quickly and how peacefu
rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. >> the president has put forward in september of 2011 with his proposal to the so-called super committee and his budget of february of 2011 very specific spending cuts, including savings from health care entitlement programs. >> so one of the issues is, when you talk specifics and they become part of the public conversation, it's very easy for those things to get derailed in...
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here's the level of deficit reduction i can reach. if you think you can reach the same or more with more spending cuts, you go first and name them. >> yeah. >> so richard, we have everybody playing chicken for the most part. it's kabuki. you show your spending cuts and then i'll show mine. >> right. it failed before when the president was negotiating against himself. look, i'm going to come back. $400 billion of medicare cuts is exactly what you would want democrats to do if you want them to start dealing with entitlements. what are we talking about when we say democrats need to deal with entitlements? principally, it's medicare. so that's a huge down payment right there. you can say, well, i don't really believe they're possible, but that's a real proposal. what you're asking for in terms of the politics is that the president somehow solves john boehner's problems with his own caucus. and gives him the strength to go back and be the leader of that rowdy bunch of house republicans. that is not -- that is a hard ask for a president. >>
here's the level of deficit reduction i can reach. if you think you can reach the same or more with more spending cuts, you go first and name them. >> yeah. >> so richard, we have everybody playing chicken for the most part. it's kabuki. you show your spending cuts and then i'll show mine. >> right. it failed before when the president was negotiating against himself. look, i'm going to come back. $400 billion of medicare cuts is exactly what you would want democrats to do if...
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we want to raise -- deficit. we want to raise taxes, cut defense -- we're willing to do all four of those things. megyn: marc, how does taking money out of medicare and giving it to obamacare cut spending? [laughter] >> it doesn't. >> that's not what i said, megyn. that's not what i said. >> it doesn't cut spending. they cut money out of medicare and put it to fund obamacare, but president obama has not put forward a plan to deal with the entitlement crisis. he put forward no plan on social security, medicare or medicaid, which he himself admits is what is driving the debt and driving the real fiscal crisis. so they have put forward no plans whatsoever, and when paul ryan and others have put forward our plans, they've pilied them for it. i'm glad president obama's meeting with simon. i'd love for him to meet with john john boehner. [laughter] megyn: simon's got a lot of good ideas. were you in that meeting with the unions and the progressive groups that the president had -- >> no. i was in a different meeting. th
we want to raise -- deficit. we want to raise taxes, cut defense -- we're willing to do all four of those things. megyn: marc, how does taking money out of medicare and giving it to obamacare cut spending? [laughter] >> it doesn't. >> that's not what i said, megyn. that's not what i said. >> it doesn't cut spending. they cut money out of medicare and put it to fund obamacare, but president obama has not put forward a plan to deal with the entitlement crisis. he put forward no...